RadNet, Inc. yesterday reported it has executed a definitive agreement to acquire five multi-modality imaging centers in Maryland from Birmingham, Ala.-based Diagnostic Health Corporation (DHC) for an undisclosed combination of cash and the assumption of certain liabilities.
Located in Bowie, Chevy Chase, Frederick, Rockville, and Waldorf, the five DHC centers offer a combination of MRI, CT, ultrasound, mammography, x-ray, and other related imaging services. The deal, which is expected to close next month, should add approximately $10 million of revenue to RadNet on an annualized basis.
Headquartered in Los Angeles, RadNet provides fixed-site outpatient diagnostic imaging services through a network of 201 fully-owned and operated outpatient imaging centers. Howard Berger, MD, president and CEO, says the acquisition of the DHC centers will strengthen RadNet’s “leading position” in Maryland. “With these facilities, we will further penetrate the Bowie, Rockville and Frederick markets, where we already operate existing facilities,” he notes. “The facilities in Chevy Chase and Waldorf are attractive geographic expansion opportunities that bolster the reach and capabilities of our Southern Maryland portfolio."
He adds that “tuck-in transactions” such as the acquisition of the five facilities from DHC are and will remain important to RadNet as it continues to render itself the “significant outpatient provider” of its regional payors while strengthening its local branding. “The larger we get in our medical communities, the more opportunities we have to drive cost efficiencies,” he concludes. “We remain extremely committed to further penetrating Maryland and all of our other core markets."